THE RESIDENTIALcondominium market today is a big success story from 10 years ago, when there were just a handful of real estate firms building condos and only a few who could afford them.
 
With the housing supply backlog hitting more than three million units, SM Development Corp. (SMDC) finds itself in a pivotal position to help address the huge gap between housing demand and supply,that isby developing affordable condo units.
 
“More than a decade ago, condo living was relatively for the wealthy. Now,the landscape has changed,” SMDC executive vice president Jose Mari Banzonsaid. 
 
Prior to the entry of SMDC into the housing market in 2007, Henry Sy Jr., the eldest son of taipan Henry Sy,had a vision to make housing more affordable for Filipinos without sacrificing quality. This paved the way to SMDC’s entry into vertical housing development and its aggressive expansion. 
 
In just 10 years from the construction of its first project, SMDCwas able to launch a total of 28 projects with more than 80,000′ units in Parañaque, Pasay, Pasig, Mandaluyong, Manila, Taguig, Makati, Quezon Cityand Tagaytay in Cavite.
 
SMDC’s trademark offerings include five-star amenities such as hotel-like grand lobbies, function rooms, and resort-style amenities, including swimming pools and landscaped gardens. SMDC developments, like its Light Residences in Mandaluyong, also provide space for re tail establishments, banks, restaurants, supermarkets and other services such as digital cinemas.
 
It also develops its residences near SM malls, schools and transport hubs to make its homes more accessible, helping residents beat the city traffic.
 
SMDC prepares to enter the economic housing market that starts at just more than P1 million. “We see very strong growth in this market. This is really where the rising middle class belongs,” Banzon said.